HLINYSEInvestment Advice

Houlihan Lokey, Inc. (HLI) earnings date, market-implied expected move, and options open interest by expiry

137.35

Closed15:59 ET

Open139.34Volume796,970Mkt cap$9.6BP/E22.63EPS6.07Div yield1.88%

Day136.50 – 139.7026%52-wk112.24 – 199.0129%

HLI

Houlihan Lokey, Inc.

OpenVolumeMkt capP/EEPSDiv yield

Day – 52-wk –

Expected move

No implied move.

Expected move

Inputs

Next report

Jan 27

after close · in 87 days

est.Q3 FY27

Calendar

Next report

Last report

+1.43%

vs ±8.3% implied · ×0.17

shaded = implied · ▲▼ = realized

Oct 28 '26 · confirmedthin chain

Implied vs realized

Largest filed tie

—

13F top-10 QoQ

+1.23%

shares held · 10 largest managers

13F · Jun 30 '26124d lag

516 managers

Top fund weight

0.20%

HLI weight · MDY

N-PORTJun 30 '26

4 funds

Last reportshaded = implied▲▼ = realized× = |realized| ÷ implied

Houlihan Lokey (HLI) is expected to report on Jan 27 after close (estimated date).

Implied vs realized

2 reports

—≥ implied

Q1 FY27Jul 29 '26confirmed—▼−7.72%—

Q2 FY27Oct 28 '26confirmed±8.3%thin chain▲+1.43%×0.17

quarterimplied−10%0+10%realized×

Q2 FY27±8.3%▲+1.43%×0.17

Q1 FY27—▼−7.72%—

Shaded = implied · tick ▲▼ = realized · × = |realized| ÷ impliedSource: options EOD · implied at prior close · realized close to close

Implied vs realized

Positioning

OI · 3 expiries · Oct 27 close

0.16OI · 3 expiries · Oct 27 closeP/C open interest · Mar 19 · first expiry after the report

PUTS · chgexpiry · days · P/CCALLS · chgP/C

50%Nov 2019d0.10520%0.10

630%Dec 1847d0.471350%0.47

report · Jan 27 · after close · est.

300%Mar 19138d1890%

ExpiryPutsCallsP/C

Nov 2019d50%520%0.10

Dec 1847d630%1350%0.47

report · Jan 27 · after close · est.

Mar 19138d300%1890%0.16

Hatched = puts · solid = calls · bars scaled per expiry · chg = OI vs prior sessionSource: options EOD

Positioning

Linked exposure

No implied move.

Linked exposure

Revenue flow

as filedQ2 FY27

15.90%as filednet margin · revenue +35.42% QoQ · +4.94% YoY

Revenue

$692M+35.42% QoQ

Gross profit

$266M+35.03% QoQ

38.44% margin

Operating income

$154M+97.44% QoQ

22.25% margin

Pre-tax income

$159M+84.88% QoQ

Net income

$110M+41.03% QoQ

15.90% margin

Cost of revenue

$426M+35.67% QoQ

Operating expenses

$112M−5.88% QoQ

SG&A $48M

Other operating $39M

Depreciation $10M

Other operating $15M

Tax

$49M+512.50% QoQ

Other income

$5M−37.50% QoQ

Revenue$692M+35.42%

Gross profit

$266M+35.03%

38.44% margin

Operating income

$154M+97.44%

22.25% margin

Pre-tax income

$159M+84.88%

Net income

$110M+41.03%

15.90% margin

Cost of revenue

$426M+35.67%

Operating expenses

$112M−5.88%

SG&A $48M

Other operating $39M

Depreciation $10M

Other income$5M−37.50%

Tax$49M+512.50%

flow · deduction · inflow · signed % = QoQSource: SEC filings · standardized · QE Sep 30 '26 · width = $

Revenue flow

Intraday

15m bars

Hatch = extended hours · ▯ up · ▮ downSource: market data · 15:45 ET

Intraday

Event sensitivity

PPI ×1.69· ±2.1% vs ±1.3% · 11 releases

eventrelease day|move|up · n×base

PPIproducer prices±2.1%7 of 11×1.69

FOMCrate decision±1.6%11 of 24×1.26

CPIconsumer prices±1.5%7 of 11×1.21

NFPjobs report±1.2%4 of 10×0.95

PCEpersonal income & outlays±1.1%7 of 19×0.85

GDPgross domestic product±1.0%7 of 19×0.82

CPROFcorporate profits±0.9%6 of 12×0.71

Bar = avg |move| to ±3% · tick = ±1.3% avg day · ×base = |move| ÷ ±1.3% · min 6 releases

Earnings history

EPS 1.64 · consensus —

Quarter	Reported	EPS	Consensus
Q2 FY27	Oct 28 '26 · confirmed	1.64	—
Q1 FY27	Jul 29 '26 · confirmed	1.15	—
Q4 FY26	—	1.47	—
Q3 FY26	—	1.70	—

Source: filed financials

Methodology

ties · implied moves · holdersMethod